With unemployment rates at record highs, people who still have jobs are hanging onto them — even jobs they feel chained to and dead-end jobs they don’t like. According to a new CNNMoney.com article, the “quit rate” among American workers is at its lowest point since 2000, when the Labor Department began recording the data.
Dead-ends jobs are the status quo
Government figures show that workers today are much less willing to quit a job without having another job lined up than they have been since surveys began in the 1960s. Many workers would like to find new jobs but are afraid to make a move until the labor market improves.
At a minimum, a person employed in any capacity still gets paychecks and can still make it over the rough spots with emergency money from payday cash advances. At the end of the day, however, qualifying for payday cash isn’t enough to make a job satisfying.
All is not well in the workplace
An American Express survey reveals that 54 percent of employed workers are willing to accept demotions and pay cuts in order to keep their current jobs. This finding is consistent with the results of a detailed global workforce study conducted by employment consultant Towers Watson.
For now, security trumps everything
Towers Watson found that the “desire for security trumps everything,” with 86 percent of workers valuing job security, more than the number of workers who valued improved pay or career advancement. Towers Watson also found that job mobility is at a decade-long low point and that confidence in management is “disturbingly low.” Forty-three percent of employed workers want to advance their careers by leaving their current employers, but only 12 percent are looking for new jobs. It’s safe to assume that many workers who would be willing to start businesses of their own are also reluctant to make a change right now.
Lack of mobility depresses wages
According to CNNMoney.com economists say that a lack of job mobility can depress wages and thwart economic recovery. Changing jobs allows workers to increase their incomes, which in turn increases their spending power. When unemployment rates are low, people leave jobs more freely and employers pay higher wages to retain or find the best workers. Under favorable economic conditions, even the threat of leaving a job can result in increased pay. But for now, workers are keeping tight reins on their jobs and staying put, regardless of whether they like their work or feel they’re fairly compensated.
